Bill > S1316

This bill authorizes the county of Plymouth to issue pension obligation bonds or notes to fund all or a portion of its unfunded pension liability to the Plymouth County Contributory Retirement System. The bill sets out the process for issuing these bonds, including requiring a two-thirds vote of the county's advisory board on expenditures, approval from the state's Executive Office for Administration and Finance, and compliance with relevant state laws. The total amount of bonds issued is limited to the amount necessary to extinguish the county's unfunded pension liability, plus associated issuance costs. The bill also provides guidelines for structuring the bond repayment schedule.